How much is my car worth? Market Value Price Guide
How much is my car worth? Do you want to know what my automobile is worth on the market, or do you want to sell it quickly? This formula may be used to determine the market value of any automobile.
The most commonly asked question when it comes to selling a vehicle is, how much a car worth is. While this question is very vast and depends on the company you are looking at; there are a few factors that majorly impact the price of a car in the market.
These factors are; year make model and condition of the vehicle. So lets say we have a 1997 Ford Taurus that is in good condition and has low miles on it. Lets say further, that we are willing to sell it for an average of $2,000 below the “average” price of a “good” Taurus. (See page 3 of this Price Guide for a description of what makes a car “good.”) What would be the likely outcome if we used this formula? The answer is simple… we would get a number very close to $14,000!
Common Factors that Affects Car market Value
- Age of the vehicle and kilometres
- Car value depreciation
- Buying habits and current market trendsAnd many more… What you are about to learn is a very powerful “insurance” tool… which will enable you to dramatically increase the value of your car(s) when you sell them. Let’s get started:
Determine how old your car(s) are and multiply it by 1,000 (this gives you a rough idea of how much it costs you in depreciation).
Multiply it by 1,000 (this gives you a rough idea of how much you have paid in depreciation).
Add the two numbers together.
Now divide this number by the number of years that you have owned the car.
The answer is your depreciation rate. This rate represents the amount that your car is losing in value each year.
Of course, there are additional factors to consider when determining the precise used automobile value, such as repairs and operable components that need to be replaced due to wear.
If the car has a service history, the buyer may be assured that the seller has returned what was taken.
When you acquire a used automobile, the seller will normally ask for the amount owed to the lender or finance company. There’s no legislation against that, and the automobile isn’t worth much.
The good news for today is there are a few websites that will help you to precisely determine the value of your old car. Some of those websites are;
- Drive
- Racq
- Redbook
The website above will ask you to enter various details that will help to determine the actual valuation of your vehicle. Some of the details that you can keep handy are;
- Car Make
- Car Model
- Kilometres Run
- Damage
- Features, and more.
Why do people evaluate their vehicle?
Nowadays, people are really concerned about saving money. Since the beginning of COVID, we have seen a rising number of people trying to sell their extra items. Car Removals Cash For Cars reported that their sales have increased by 30% a year in 2024.
Do you know of any other factors that highly impact a vehicle’s price? Please write down in the comments.
